India, Australia, and Japan on Wednesday underscored their support for the ASEAN bloc’s centrality in the political and security architecture of the Indo-Pacific region, amid China’s growing assertiveness in the South China Sea and rising influence in the strategic Indo-Pacific region.

The three countries held their fourth Trilateral Dialogue here at the Foreign Secretary-level, a month after the three countries along with the US held their first Quadrilateral Dialogue.

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Foreign Secretary S. Jaishankar hosted the dialogue which was attended by Secretary of Department of Foreign Affairs and Trade of Australia Frances Adamson and Vice Minister of Foreign Affairs of Japan Shinsuke J. Sugiyama.

“The three sides highlighted the growing convergence of their respective countries’ interests in the Indo-Pacific region and underscored their shared commitment to peace, democracy, economic growth and a rules-based order in the region,” the Eternal Affairs Ministry said in a statement.

“They underscored their support for Asian (Association of Southeast Asian Nations) centrality in the political and security architecture of the Indo-Pacific region,” the statement said.

It stated that the three sides stressed the need for greater collaboration on maritime security and domain awareness and disaster response capabilities.

“They also renewed their resolve to fight the scourge of terrorism in all its forms and manifestations and stressed the need for enhanced cooperation on counter-terrorism. They deliberated on strengthening regional connectivity as well.”

Wednesday’s meeting comes a day after the India-Australia 2+2 Foreign Secretaries and Defence Secretaries Dialogue and a month after the India-Australia-Japan-US quadrilateral dialogue in the Philippines on the sidelines of the East Asia and ASEAN summits in which the security and prosperity of the Indo-Pacific region were discussed.

With China’s increasing influence in the Indian Ocean region and aggressiveness in the South China Sea, the trilateral meeting can be seen as a reassertion of the freedom of navigation in the open seas.

Japan is also locked in a dispute with China over the Senkaku islands in the East China Sea that are claimed by both the nations.

North Korea’s nuclear and ballistic missile programmes is another reason for the significance of the trilateral meeting.

According to Japanese Ambassador to India Kenji Hiramatsu, his country has placed India right at the center of its strategic Indo-Pacific policy.

With the changing global scenario, Australia too is looking at India as a potential partner in promoting regional security and stability.

The first India-Australia-Japan trilateral meeting was held in India in 2015, the next one in Japan and third in Australia in April 2017.

In Wednesday’s meeting, the Japanese Vice Minister proposed to host the next round in Tokyo.

Consolidated Construction Consortium (CCCL) on Tuesday reported a standalone net loss of Rs 17.33 crore an during the quarter ended September 30, 2017, as compared to net loss of Rs 34.57 crore in the previous year quarter. “Net revenue of the company declined moderately by 10.18 per cent at Rs 113.86 crore in July-September quarter of this fiscal as against Rs 126.77 crore in the corresponding period last year,” CCCL said in a filing to the Bombay Stock Exchange.

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During July-September quarter, operating expenses dropped by 8.68 percent to Rs 113.58 crore from Rs 124.38 crore in the year ago period. Other Income grew by 975.44 percent at Rs 12.26 crore versus (Sep’16 Rs 1.14 crore). Operating Profit slipped by 88.28 percent to Rs 0.28 crore as against Rs 2.39 crore in the year-ago period, while Operating Profit Margin (OPM) contracted year-on-year to 86.70 percent in September quarter.

Midcaps are trading flat, while Nifty PSU Bank index was down around half a percent.

11:20 Unitech Case:The share price of United declined 12 percent intraday Wednesday after Supreme Court has stayed National Company Law Tribunal’s (NCLT) order on the government takeover of Unitech. The government is said to have apologized for having moved NCLT when the case was being heard at the apex court.

The Indian Rupee declined in the early trade on Wednesday. It has opened lower by 13 paise at 64.53 per Dollar versus 64.40 Tuesday.

Strength in crude prices and stronger Dollar ahead of Fed policy outcome will put pressure on the rupee. The trading range would be 64.20-64.80.”

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The Dollar index rose to its highest level in a month and Treasuries lost ground ahead of interest rate decision from the Federal Reserve due later today.

Dhawal Dalal of Edelweiss AMC said, “Higher-than-expected increase in November CPI may weigh on the already fragile sentiment of bond market participants. 10-year bond yields touched a peak of 7.22 percent on Tuesday, a level last seen on July 16. Price action also looks weak from a technical perspective.”

“Expect 10-year bond yields to trend towards 7.39 percent in the near-term in absence of any buying support. That said, expect value buying to emerge at those levels,” he added.

Midcaps are trading flat, while Nifty PSU Bank index was down around half a percent.

Bharti Airtel shares gained nearly 2 percent intraday after the company decided to sell 20 percent stake in its DTH arm to US private equity firm.

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Under the deal, Bharti Airtel will sell 15 percent stake in Bharti Telemedia and the remaining 5 percent will be sold by another Bharti entity, it added.

Macquarie said given Airtel’s superior ARPUs and margins, the deal is valued at just 2 percent premium at EV/FY17 EBITDA. Valuations reflect Airtel’s strong recent performance, it added.

Benchmark indices began the day on a lower note, with the Sensex falling nearly 100 points in the first minutes of trade before cutting those losses, while the Nifty was down by almost quarter of a percent.

At 09:17 hrs IST, the Sensex was down 91.65 points at 33136.34, while the Nifty fell 23.00 points or 0.22% at 10217.20. The market breadth was narrow as 409 shares advanced against a decline of 305 shares, while 43 shares were unchanged.

Dr. Reddy’s Labs continued its uptrend from Tuesday, along with Bharti Airtel, which gained 1 percent. Both were top gainers on Sensex and Nifty, while ITC, SBI, Power Grid and Vedanta were the top losers.

Midcaps were trading weak, but fell lesser as compared to benchmarks, while Nifty PSU Bank index was down around half a percent.

The Indian Rupee declined in the early trade on Wednesday. It has opened lower by 13 paise at 64.53 per Dollar versus 64.40 Tuesday.

Strength in crude prices and stronger Dollar ahead of Fed policy outcome will put pressure on the rupee. The trading range would be 64.20-64.80.

The Dollar index rose to its highest level in a month and Treasuries lost ground ahead of interest rate decision from the Federal Reserve due later today.

Asian shares were treading water in early trade on Wednesday as crude oil futures steadied after a selloff, while a widely expected interest rate hike from the Federal Reserve underpinned the Dollar.

MSCI’s broadest index of Asia-Pacific shares outside Japan was a few ticks higher in early trade.

Japan’s Nikkei stock index edged down slightly, shrugging off data that showed Japanese core machinery orders rose a more-than-expected 5 percent in October in a sign of resilient capital spending.

U.S. stocks rose on Tuesday amid growing optimism that Republican lawmakers would be able to revamp the corporate tax system. Wall Street also looked to the Federal Reserve as its two-day policy meeting kicked off.

The Dow Jones industrial average jumped 118.77 points to 24,504.80, boosted by gains in Boeing and Verizon. The index also posted intraday and closing record highs.

The S&P 500 gained 0.1 percent to close at 2,664.11, notching intraday and closing all-time highs, with telecommunications and financials outperforming.

Yesterday Nifty witnessed selling pressure from its resistance level of 10330 and ended the day on a weak note. The major players in the market FII & PRO started booking profits as they have sold 48425 contracts yesterday. The Indian Benchmark Index Nifty has lost 82 points yesterday from its previous close. The Index opened at 10325 and closed at 10240 after making a low of 10230. The Cash Market Benchmark Index Small Cap was also down by 0.91% last day.

Among the major sectors, Energy Oil & Gas and Industrial Manufacturing was up by 1.51% and 1.50% respectively from its daily low. In Minor sectors, Gold & Jewellery and Carbon was up by 2.76% and 2.68% respectively.

Nifty Future is opening gap- down by 14 points against yesterday close of 10265 as indicated by SGX Nifty which is currently trading at 10242.

Cash Market Data

In last 10 days, FII and DII in combined have bought stocks worth Rs. 251.29 Crore in cash segment.

Nifty Outlook & Open Interest In Index Option

FII & PRO have a combine short position of 314483 contracts in Index Options. In the current Expiry, they have sold 65814 contracts.

Simplifying the way for financial institutions to launch mobile payment services, global IT security firm Gemalto on Tuesday announced that its Trusted Service Hub (TSH) can now offer a single gateway, thus enabling issuers to connect to Mastercard and Visa tokenization services.

“Our new partnerships with Mastercard and Visa will strengthen these initiatives and give clients faster and more efficient access to a global mobile payment market that is expected to be worth over $3 trillion by 2021,” François Chaffard, Senior Vice-President, Digital Payment, Gemalto, said in a statement.

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Mastercard and Visa platforms manage tokenization which converts card’s sensitive data into a unique digital identifier (or token) that can be deployed safely on smartphones and similar devices.

“Having Gemalto’s support as a partner to expand usage of the Visa Token Service through our ‘Visa Ready for Tokenisation’ programme will only help to accelerate this new era for businesses and consumers alike,” Jack Forestell, Executive Vice President, Innovation and Strategic Partnerships, Visa, said in a statement.

The token allows payments to be processed without exposing actual account details that could potentially be compromised.

“Tokenisation is key to ensuring consumers put their trust in new digital payment services and as a gold partner of our ‘Mastercard Engage’ programme, Gemalto can help our customers digitise their card portfolios faster and deploy their digital solutions,” said Kiki Del Valle, Senior Vice President, Commerce for Every Device, Mastercard.

Meanwhile, wallet providers, including original equipment manufacturers (OEMs), retailers, car manufacturers and wearable makers can benefit from the company’s offering to launch their own mobile payment wallet while accessing a growing number of issuers.

Australian stocks added 0.2 percent and Nikkei futures pointed to a steady start after the index scored its highest close in 25 years on Monday.

Asian shares were trying to string together the fourth session of gains on Tuesday as optimism about global growth looked set to outlast an almost certain hike in US borrowing costs this week.

The latest upbeat news came from China where banks doled out a surprisingly generous dose of credit in November, which could bode well for a pick up in retail sales and industrial output due later in the week.

MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.06 percent, having rallied for three days in a row.

Australian stocks added 0.2 percent and Nikkei futures pointed to a steady start after the index scored its highest close in 25 years on Monday.

Wall Street had been led higher by technology and energy stocks, with Apple Inc making the biggest contribution. The Dow rose 0.23 percent, while the S&P 500 added 0.32 percent and the Nasdaq 0.51 percent.

There was no lasting market impact from an explosion in New York’s busy Port Authority commuter hub which New York Mayor Bill de Blasio described as an “attempted terrorist attack.”

Investors continued their policy vigil with the Federal Reserve set to end its two-day meeting on Wednesday, while the European Central Bank meets on Thursday.

JPMorgan Economist David Hensley suspects the Fed will revise up it is growth forecast while trimming the outlook for the unemployment rate, potentially adding upside risk to the “dot plot” forecasts on interest rates.

“The dot plot previously called for three hikes in 2018; it is a close call whether this moves to four hikes,” he warned, a shift that would likely boost the dollar but could bludgeon bonds.

“For its part, the European Central Bank (ECB)is likely to emphasize its low-for-long stance and continue to distance itself from the Fed,” he added. “The staff is likely to revise up its 2018 growth forecast, while we think the core inflation forecast will reveal an even slower recovery than before.”

RATES NOT EVERYTHING

The divergence in Fed and ECB policy was supposed to be bullish for the Dollar, given it had widened the premium offered by US two-year yields over German yields to 256 basis points from 188 basis points this time last year.

The last time the spread was that plump was in 1999.

Yet the Euro is currently up 12 percent on the Dollar this year, while the Dollar is down 8 percent on a basket of currencies – which just goes to prove that interest rate differentials aren’t everything in forex.

Early on Tuesday, the euro was steady at USD 1.1775 having failed to clear resistance around USD 1.1812 overnight. The dollar was idling at 113.54 Yen, just off a one-month top of 113.69.

Dealers at Citi noted interbank volumes in the forex market had been 35 percent below average overnight and another thin session was likely on Tuesday.

There was rather more action in bitcoin, which touched a record peak of USD 17,270 on the Bitstamp exchange as its newly minted futures contract stretched as far as USD 18,850.

In commodity markets, gold remained out of favor at USD 1,242.78 an ounce having suffered its biggest weekly drop since May last week.

Oil prices were firm on news of a temporary shutdown of a pipeline that carries the biggest volume of the five North Sea crude oil streams.

Brent crude futures stood at USD 64.75 a barrel, after jumping USD 1.35 on Monday. US crude futures were off 2 cents in early trade at USD 57.97 a barrel.

The Dow Jones Industrial Average rose 56.87 points, or 0.23 percent, to 24,386.03, the S&P 500 gained 8.49 points, or 0.32 percent, to 2,659.99 and the Nasdaq Composite added 35.00 points, or 0.51 percent, to 6,875.08.

US stocks closed higher on Monday as investors prepared for an expected Federal Reserve rate hike later in the week, while stocks rose around the world on continued solid global economic growth indicators.

The Dow Jones Industrial Average and the S&P 500 opened flat after news of an explosion in New York’s busy Port Authority commuter hub which New York Mayor Bill de Blasio described as an “attempted terrorist attack.”

US stocks edged higher after worries receded over the explosion.

“The market makes an assessment almost immediately as soon as new information comes in, and this is what you’re seeing,” said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey. “You’re seeing the equity market move higher and the Treasury yields climb just a bit.”

The Dow Jones Industrial Average rose 56.87 points, or 0.23 percent, to 24,386.03, the S&P 500 gained 8.49 points, or 0.32 percent, to 2,659.99 and the Nasdaq Composite added 35.00 points, or 0.51 percent, to 6,875.08.

Gains in the energy and technology indexes helped boost Wall Street. CenturyLink rose 8.18 percent after the telecom provider signed a 5-year contract with the Commonwealth of Pennsylvania.

MSCI’s gauge of stocks across the globe gained 0.38 percent.

“There’s somewhat of an enthusiasm that global growth is more synchronized than it’s been in a long time, and it’s synchronized in the right direction,” said Scott Wren, a senior global equity strategist at Wells Fargo Investment Institute in St. Louis, Missouri.